- Write by:
-
Tuesday, March 3, 2020 - 11:47:38 AM
-
1216 Visit
-
Print
Mining News Pro - Russia’s Alrosa, the world’s top diamond miner by volume, is betting on a new strategy to boost its sales amid an industry-wide slowdown that has hit small companies the hardest.
According to Mining News Pro - The state-owned company is now selling naturally occurring fluorescent diamonds mixed with others. At the same time, it’s holding talks with global jewellery retailers about jointly marketing its ‘Luminous Diamonds’ brand, which uses the glowing stones.
Fluorescence, a bluish glow produced by ultraviolet rays (UV), is a characteristic of 25% to 35% of diamonds, according to the Gemological Institute of America (GIA).
The feature has traditionally been seen as a negative attribute as it can make a diamond appear “milky” or “oily” in direct sun or UV light. Alrosa’s marketing efforts are centred on changing those perceptions.
Alrosa steps up efforts to brighten up fluorescent diamond sales.
Glowing diamonds are most common in Russia and Canada due to their proximity to the Arctic, where they are usually found.
GfK market research agency recently conducted a study involving over 4,000 jewellery consumers to determine how they perceived fluorescent diamonds.
The survey revealed that 74% of the respondents in the US didn’t know what they were or were poorly informed about them. When educated, however, over 82% of respondents said they would consider buying a diamond with such a feature. And almost 60% of customers, mostly millennials, expressed their willingness to pay as much as 15% more to obtain a fluorescent diamond.
About half of all diamonds produced globally have some fluorescence, but those in which the feature is “strong” — the focus of Alrosa’s campaign — represent as much as 5-10% of global supply.
Global demand for all types of diamonds fell between 2018 and 2019, affecting small stones producers the most, due to an oversupply in that segment that dragged prices down.
Increasing demand for synthetic diamonds also weighed on prices. Man-made stones require less investment than mined ones and can offer more attractive margins.
Big companies have not been immune to the downward trend. De Beers, the world’s No. 1 diamond miner, reported in February its worst set of earnings since Anglo American (LON:AAL) acquired it in 2012.
Short Link:
https://www.miningnews.ir/En/News/496501
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
Irish explorer Karelian Diamond Resources (AIM: KDR) said on Tuesday its search for precious stones in Finland has taken ...
An unusually warm winter in Canada this year has delayed the opening of a 400-kilometer (250-mile) ice road that is ...
Russia will regularly buy diamonds from sanctions-hit producer Alrosa through a state fund, the finance ministry said on ...
Antwerp’s diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on ...
Debswana Diamond Company’s sales of rough diamonds fell 25.1% in 2023, data released by Botswana’s central bank late on ...
Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 ...
The World Federation of Diamond Bourses (WFDB) issued an open letter on Wednesday calling on the G7 nations and the ...
Christo Wiese, South Africa’s billionaire retail king, is going back to the future.
No comments have been posted yet ...